Despite strong 2010 growth, Phoenix Solar sees 2011 revenues stagnating

Phoenix Solar reports that it achieved consolidated revenues of €635.7 million last year, which is an increase of 34.4 percent from 2009. Meanwhile, its earnings before interest and taxes (EBIT) grew by 198.4 percent to reach €36.4 million.

The company’s share of revenues earned outside Germany, on the other hand, came to 25.9 percent, thus representing growth of 496 percent. It adds that a new benchmark was set for the sale of modules which totaled 313 megawatts peak power in 2010; a 55 percent increase on 2009.

Furthermore, consolidated profit grew by 180.2 percent to reach €24.1 million and equity totaled €142.4 million, thus bringing the equity ratio to 45.5 percent. As per January 1, 2011, consolidated orders came to €158.3 million.

Of this, Phoenix Solar says €23.4 million was attributable to the components and systems segment and €134.9 million to its power plants segment. Adjusted for power plant projects already under construction, orders on hand stood at €42.4 million.

2011 performance

While the European markets got off to a weak start in 2011, the company’s Executive Board believes that demand will recover in the second quarter. It says that new orders for large power plant projects, in France for instance, have already been placed.

However, in terms of revenues, it "expects stagnation or a marginal increase" this year. As with most other photovoltaic companies, "the process of internationalization will be pursued with continued intensity". Moreover, Phoenix Solar says it expects its first revenues from the U.S. this year.